Section 271FA:
Penalty for failure to furnish statement of financial transaction or reportable income.
1,2If a person who is required to furnish 3
a statement of financial transaction or reportable
account under sub-section (1) of section 285BA, fails to furnish such 4
statement within the time
prescribed under sub-section (2) thereof, the income-tax authority prescribed under said sub-section (1)
may direct that such person shall pay, by way of penalty, a sum of 5
five hundred rupees for every day
during which such failure continues:
Provided that where such person fails to furnish the 4
statement within the period specified in the
notice issued under sub-section (5) of section 285BA, he shall pay, by way of penalty, a sum of 6
one
thousand rupees for every day during which the failure continues, beginning from the day immediately
following the day on which the time specified in such notice for furnishing the 4
statement expires.
Notes:
1. Subs. by Act 17 of 2013, s. 58, for section 271FA (w.e.f. 1-4-2014).
2. Subs. by Act 25 of 2014, s. 70, for “annual information return” (w.e.f. 1-4-2015).
3. Subs. by s. 70, ibid., for “an annual information return” (w.e.f. 1-4-2015).
4. Subs. by s. 70, ibid., for “return” (w.e.f. 1-4-2015).
5. Subs. by Act 13 of 2018, s. 53, for “one hundred rupees” (w.e.f. 1-4-2018).
6. Subs. by s. 53, ibid., for “five hundred rupees” (w.e.f. 1-4-2018).